Google Pay has agreed with NPCI to extend UPI payment services beyond the borders of India
Google India Digital Services and NPCI International Payments, a wholly-owned subsidiary of the National Payments Corporation of India, have inked a Memorandum of Understanding aimed at broadening the reach of UPI to nations outside of India.
Google India Digital Services and NPCI International Payments Ltd (NIPL) have agreed to extend UPI payments beyond India's borders.
The Memorandum of Understanding (MoU) has three primary objectives. Firstly, it aims to expand the usage of UPI payments for Indian travellers abroad, allowing them to conveniently conduct transactions without the need for cash or reliance on international payment gateways through Google Pay (also known as GPay). Secondly, the MoU seeks to aid in establishing UPI-like digital payment systems in other countries, serving as a model for seamless financial transactions. Lastly, it focuses on simplifying cross-border financial exchanges by utilizing the UPI infrastructure, particularly streamlining the process of remittances between countries.
Google Pay stated, "This strategic partnership will not only simplify foreign transactions for Indian travellers but will also allow us to extend our knowledge and expertise in operating a successful digital payments ecosystem to other countries," as highlighted by Ritesh Shukla, CEO of NIPL.